What is a Partnership account?
A partnership account is opened by two or more people in which each person is equally liable. A partnership will have its own Fed ID #.
I want to open a partnership account with your firm. At what point should I send in the completed account opening documentation?
You will first need to make contact with a broker here and discuss the details of your transaction. If our compliance department approves your transaction, you can then proceed to fax or email in the account opening documentation. If you will be depositing shares, you will first want to complete an Equity Deposit Questionnaire (EDQ) or the Quick Facts Questionnaire (QFQ). See Guidelines for Depositing OTC Securities.
What forms are required to open a partnership account?
Along with a non-expired government issued identification (i.e. passport and/or driver license), at a minimuim the following documentation must be submitted:
- New Account Approval Form (Pages 1*** & 2), Customer Account Agreement, Partnership Agreement, Initial Privacy Notice, and Receipt of Documentation.
- If opening this account as a Margin account, then substitute the Customer Account, Margin & Short Account Agreement for the Customer Account Agreement,
- Copy of the Partnership Agreement (this is a different form than the one we provide)
- Foreign Partnerships will also need to submit an original W-8BEN, which must be mailed into our firm.
These forms can be found under New Accounts>Partnership
***We are now requiring the signature line on page 2 of the New Account Approval Form to be notarized.
Do you need the original documentation?
You can fax us or scan into an email the required documentation. The only instance for which we require original documentation is in the case of the W-8BEN for a foreign individaul.
Do you open accounts for Canadian citizens?
If the Canadian citizen is living permanetly outside of Canada and receiving his/her mail there and the Partnership is setup outside of Canada, then we could open a Partnership account.
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